Tokelou is just the other side of Hawaii from the volcano pool, and has some lagoon view rooms.
I just got back from staying in Tahiti, which isn't the closest to the pools, but its a very quick walk going along the beach. Also, I found it easier to walk right next door to the TTC, where you can catch a monorail to either the MK or Epcot, or the ferry to MK, or busses to MGM or Animal Kingdom. It was much quicker than getting over to the GCH and waiting for a bus, which we did one morning after berakfast. Also, the GCH buses fill up quickly, because they stop at the Contemporary first.
Also, the view of the fireworks from the room was great, and the ferries coming and going were beautyful, especially at night.
The only downside was that the Electric Water Pagent started just off to the left of the building, facing the lagoon, so we didn't get to see the whole thing before it moved away; but a quick walk out onto the beach put you right in front of it.